October marks the eighth consecutive month of a year-over-year revenue drop for Indiana casinos. The Indiana Gaming Commission reported $174.6 million in adjusted gross revenue for the month from the state’s casinos, the lowest total produced this year.
Casino gaming revenue dropped by 10.3% from last October’s total of $194.7 million and was $7.3 million lower than September’s total.
These numbers continue a trend that should be cause for concern by casino owners and state regulators.
Indiana casino revenue continues downward slide
Indiana online casinos are still illegal. Brick-and-mortar casinos enjoyed YoY gains in January and February before the slide in March. The decline has continued each month through October.
The state’s casinos won $153.3 million on slots and $34.2 million on table games from gamblers in October. The table game winnings are up from last month. However, the $8.7 million decrease in slot winnings, a 5.4% month-over-month drop, really causes the dent.
Month-to-month, year-to-year Indiana casino revenue
| Casino | October 2023 Revenue | September 2023 Revenue | Month-over-Month Change | October 2022 Revenue | Year-over-Year Change |
|---|---|---|---|---|---|
| Hard Rock Casino Northern Indiana | $31,286,375 | $32,565,756 | -3.9% | $34,488,187 | -9.2% |
| Horseshoe Indianapolis | $25,516,720 | $26,422,348 | -3.4% | $26,785,165 | -4.7% |
| Horseshoe Hammond | $21,908,034 | $23,563,605 | -7% | $27,852,736 | -21.3% |
| Caesars Southern Indiana | $18,108,746 | $16,947,064 | 6.8% | $20,112,139 | -9.9% |
| Harrah’s Hoosier Park | $16,650,479 | $17,553,829 | -5.1% | $18,983,117 | -12.2% |
| Ameristar Casino | $13,760,466 | $12,940,837 | 6.3% | $14,581,333 | -5.6% |
| Bally’s Evansville | $12,102,901 | $12,734,162 | -4.9% | $13,236,459 | -8.5% |
| Hollywood Lawrenceburg | $10,814,334 | $11,441,084 | -5.4% | $12,229,492 | -11.5% |
| Blue Chip Casino | $9,011,517 | $10,108,063 | -10.8% | $10,161,173 | -11.3% |
| Belterra Casino | $6,213,444 | $7,318,578 | -15.1% | $6,696,747 | -7.2% |
| French Lick Resort | $5,999,382 | $6,884,437 | -12.8% | $6,080,805 | -1.3% |
| Rising Star Casino | $3,285,702 | $3,519,974 | -6.6% | $3,507,965 | -6.3% |
| TOTALS | $174,658,101 | $181,999,737 | -4% (average) | $194,715,317 | -10.3% (average) |
All 12 Indiana casinos saw YoY revenue declines in October. Horseshoe Hammond suffered the largest drop-off, with revenue down 21.3% compared to October 2022.
Only two casinos saw a revenue increase from September. Caesars Southern Indiana saw a 6.8% increase, while Ameristar Casino was up 6.3% over the previous month.
2023 Indiana casino overall outlook
It isn’t all bad news for the Indiana casino industry in 2023. That’s despite the final two months potentially continuing this downward trend.
So far this year, Indiana casinos have made over $1.93 billion. They are on pace to end the year, winning $2.25 billion from gamblers in the Hoosier State. That’s not far below the $2.39 billion and $2.35 billion generated in 2022 and 2021, respectively.
But it’s still a major concern.
Things may not turn around to bring 2023 numbers much higher, but there is excitement for the future.
Harrah’s Hoosier Park is nearing the end of its $40 million expansion, adding 30,000 square feet of gaming space with a high-limit area, 150 new slot machines, 11 new table games and more food and drink options.
Next spring, the new Terre Haute Casino will open, bringing a 56,000-square-foot gaming floor, a 122-room hotel and various new options for gamblers. The new competition will hopefully also increase revenue.
